智通财经APP获悉，开源证券发布研报称，考虑美丽田园医疗健康(02373)坚定"内生+外延"双轮驱动战 略，清晰的战略路径有望重塑美业价值新空间，该行上调盈利预测，预计公司2025-2027年归母净利润 为3.42/4.36/4.91亿元（原值为3.10/4.06/4.72亿元），对应EPS为1.36/1.73/1.95元，当前股价对应PE为 18.0/14.1/12.5倍，维持"买入"评级。 开源证券主要观点如下： 公司发布正面盈利预告，预计2025年净利润同比增长不低于34% 公司发布业绩预告：2025年预计实现收入不少于30亿元（同比+16%及以上），经调净利润不低于3.8亿 元（同比+40%及以上）；净利润不低于3.4亿元（同比+34%及以上），业绩增长强劲，展现出穿越经 济周期的强大韧性和发展潜力。 打通"内生+外延"发展路径，高整合能力驱动规模扩张 （1）外延扩张加速：公司收购贝黎诗、奈瑞儿等优质品牌并实现成功整合，逐步完善"双美+双保健"业 务版图。其中，2025H1奈瑞儿经调净利率从收购前6.5%大幅跃升至10.4%，充分印证公司的资源整合与 运营赋能能力。此外，2025年10月15日，美丽田 ...

Core Viewpoint - The company has issued a positive profit forecast, expecting a net profit growth of no less than 34% year-on-year for 2025, demonstrating strong resilience and growth potential through its "internal + external" dual-driven strategy [1] Group 1: Financial Performance - The company anticipates achieving a revenue of no less than 3 billion yuan in 2025, representing a year-on-year increase of at least 16% [1] - Adjusted net profit is expected to be no less than 380 million yuan, reflecting a year-on-year growth of at least 40% [1] - The net profit forecast is set at no less than 340 million yuan, indicating a year-on-year increase of at least 34% [1] - The company has revised its profit forecast for 2025-2027, projecting net profits of 342 million, 436 million, and 491 million yuan respectively, with corresponding EPS of 1.36, 1.73, and 1.95 yuan [1] Group 2: Growth Strategy - The company is accelerating external expansion by acquiring high-quality brands such as Beili Shi and Nai Rui Er, successfully integrating them to enhance its business landscape [1] - The adjusted net profit margin for Nai Rui Er increased significantly from 6.5% before acquisition to 10.4% post-acquisition, showcasing the company's resource integration and operational empowerment capabilities [1] - The strategic acquisition of Si Yan Li on October 15, 2025, solidifies the company's leading position, with the number of stores exceeding 734, covering 456 high-end commercial locations in first-tier and new first-tier cities [1] - The company is capitalizing on the "self-consumption" demand of women in high-tier cities, driving same-store revenue growth and enhancing its high-margin medical business capabilities [1] Group 3: Strategic Initiatives - The company has launched a "super brand, super chain, super digitalization" strategy to reshape the beauty industry [2] - The "super brand" initiative focuses on building a differentiated competitive edge through brand recognition and consumer experience [2] - The "super chain" strategy aims to overcome the highly fragmented industry landscape by establishing "1 billion yuan revenue Clubs" in 20 core cities in China, enhancing supply chain control [2] - The "super digitalization" approach includes leveraging AI capabilities in product innovation and achieving a new member retention rate of 80% with customer acquisition costs below 2% [2]

Group 1: Industry Insights - The silicon photonics industry is experiencing clear trends, with accelerated development in CPO (Co-Packaged Optics) technology. NVIDIA's recent announcements at CES 2026 highlight advancements in supercomputing and optical devices, indicating a growing demand for CPO and related technologies [6][11][12] - The Vera Rubin cabinet features significant technological advancements, including 20 trillion transistors and enhanced memory capacities, which are expected to drive demand for CPO, optical modules, and liquid cooling solutions [6][11][12] - The CPO industry is evolving rapidly, with potential growth in demand for silicon photonics components, including optical engines and related manufacturing processes. Key sectors benefiting from this trend include optical interconnects and passive components [13][14] Group 2: Company Updates - Ji Hong Co., Ltd. (吉宏股份) - Ji Hong Co., Ltd. forecasts a 50%-60% year-on-year increase in net profit for 2025, with expected net profit ranging from 273 to 291 million yuan. The Q4 2025 net profit is projected to be between 57 to 75 million yuan, reflecting strong performance [7][16] - The company's growth is driven by its dual strategy of packaging and cross-border social e-commerce, leveraging AI technology to enhance operational efficiency and expand market reach [17][18] Group 3: Company Updates - Beautiful Pastoral Medical Health (美丽田园医疗健康) - Beautiful Pastoral Medical Health anticipates a net profit growth of no less than 34% for 2025, with expected revenue of at least 3 billion yuan, reflecting a strong resilience and growth potential [8][20] - The company is focusing on a dual growth strategy of internal development and external acquisitions, successfully integrating brands to enhance its market position and operational capabilities [21][22] Group 4: Company Updates - Poly Developments (保利发展) - Poly Developments expects a slight decline in revenue for 2025, with net profit significantly impacted by impairment provisions. However, the company maintains a leading sales position and continues to optimize its land reserve structure [9][25][26] - The company projects a net profit of 1.03 billion yuan for 2025, down 79.5% year-on-year, primarily due to increased impairment losses. Despite this, the company remains optimistic about future performance as low-cost project completions are expected to drive recovery [25][26][27]

Core Viewpoint - The acquisition of Shanghai Siyuanli by Meili Tianyuan for 1.25 billion RMB marks the largest deal in China's beauty industry in 2025, uniting the top three brands under one capital umbrella [1][8] Group 1: Acquisition Details - The transaction involves a payment structure of "cash + shares," with approximately 836 million RMB in cash and about 15.798 million shares issued to SYL Holding, making it a 6.28% shareholder in Meili Tianyuan [1][8] - This acquisition is seen as a strategic move to consolidate the fragmented beauty service market in China, where the top three players hold minimal market shares of 0.2%, 0.2%, and 0.1% respectively [2][9] Group 2: Strategic Rationale - The acquisition is driven by a clear industry judgment and development strategy, with a strong bet on the high-end beauty market's "winner-takes-all" future [2][9] - Siyuanli's value lies in its rare "location assets," with over 90% of its revenue coming from first-tier and new first-tier cities, particularly in the top four cities (Beijing, Shanghai, Guangzhou, Shenzhen) [2][9] Group 3: Financial and Membership Assets - Siyuanli reported a revenue of 850 million RMB and a net profit of 81 million RMB in 2024, showcasing solid profitability [3][10] - The integration of Siyuanli's approximately 60,000 active members will increase Meili Tianyuan's membership base by over 44%, providing a valuable source of traffic for high-value medical services [3][10] Group 4: Valuation Perspective - The acquisition price of 1.25 billion RMB represents 89.6% of Siyuanli's independent valuation of 1.395 billion RMB, indicating a significant discount and reflecting Meili Tianyuan's strong negotiating position [3][11] Group 5: Integration Challenges - The real test lies in the integration process, with market skepticism reflected in a 5.43% drop in Meili Tianyuan's stock price following the announcement [4][12] - Challenges include brand synergy and internal competition, as Meili Tianyuan already has multiple high-end brands, raising concerns about potential market cannibalization [4][12] Group 6: Future Outlook - Despite challenges, Meili Tianyuan aims for group revenue to exceed 4 billion RMB and adjusted net profit to surpass 500 million RMB by 2026, following a dual strategy of organic growth and external acquisitions [5][13] - The acquisition of Siyuanli is viewed as a significant step towards establishing a super platform in China's beauty industry, with the store network expanding to 734 locations [5][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company has released a positive earnings forecast, expecting a net profit growth of no less than 34% year-on-year for 2025, with projected revenue of at least 3 billion yuan (up 16% or more) [6]. - The company is implementing a dual-driven strategy of "internal growth + external expansion," which is expected to reshape the beauty industry's value landscape [6][7]. - The company has successfully integrated acquired brands, enhancing its operational capabilities and expanding its market presence [7]. - The strategic acquisition of brands has led to significant improvements in profitability, with net profit margins increasing post-acquisition [7]. - The company aims to establish a "super brand, super chain, and super digitalization" strategy to enhance its competitive edge and customer experience [8]. Financial Summary and Valuation Metrics - Revenue projections for 2025 are set at 3,007 million yuan, with a year-on-year growth of 16.9% [10]. - The expected net profit for 2025 is 342 million yuan, reflecting a year-on-year increase of 49.6% [10]. - The company's gross margin is projected to be 47.7% in 2025, with a net margin of 12.3% [10]. - The earnings per share (EPS) for 2025 is estimated at 1.4 yuan, with a price-to-earnings (P/E) ratio of 18.0 times [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has released a positive earnings forecast, expecting a net profit growth of no less than 34% year-on-year for 2025, with projected revenue of at least 3 billion HKD (up 16% or more) and adjusted net profit of no less than 3.8 billion HKD (up 40% or more) [6] - The company is focusing on a dual-driven strategy of "internal growth + external expansion," which is expected to reshape the value of the beauty industry [6] - The company has successfully integrated acquired brands, enhancing its operational capabilities and expanding its business footprint [7] - The company aims to establish a "super brand, super chain, and super digitalization" strategy to create new value spaces in the beauty industry [8] Financial Summary and Valuation Metrics - For 2025, the company is projected to achieve a revenue of 3,007 million HKD, representing a year-on-year growth of 16.9% [10] - The net profit for 2025 is expected to be 342 million HKD, reflecting a year-on-year increase of 49.6% [10] - The projected EPS for 2025 is 1.4 HKD, with a corresponding P/E ratio of 18.0 times [10]

（文章来源：每日经济新闻） 每经AI快讯，美丽田园医疗健康(02373.HK)续涨超6%，截至发稿涨6.04%，报28.46港元，成交额950.31 万港元。 ...

Core Viewpoint - Meili Tianyuan Medical Health (02373) has seen a stock increase of over 6%, currently trading at HKD 28.46, with a transaction volume of HKD 9.5031 million. The company has released a positive profit forecast for 2025, expecting significant revenue and profit growth driven by expansion and strong internal growth momentum [1]. Financial Projections - The company anticipates a revenue of no less than 3 billion yuan for 2025, representing a year-on-year growth of at least 16% [1]. - Adjusted net profit is expected to be no less than 380 million yuan, with a year-on-year increase of at least 40% [1]. - Net profit is projected to be no less than 340 million yuan, reflecting a year-on-year growth of at least 34% [1]. Business Expansion and Market Position - The board attributes the performance improvement to accelerated external expansion and strong internal growth potential [1]. - The integration of Nairui into the Meili Tianyuan brand matrix has allowed the company to penetrate key cities in the Greater Bay Area, significantly enhancing market share [1]. - The synergy effects from the acquisition continue to be released, with Nairui's adjusted net profit margin increasing from 6.5% before the acquisition to 10.4% in the first half of 2025 [1]. Operational Efficiency - The company is continuously upgrading its medical business capabilities, with a steady increase in the proportion of high-margin medical business revenue expected by 2025 [1]. - The ongoing enhancement of the refined operational system is contributing to a gradual increase in the company's net profit margin [1].

Core Viewpoint - Meili Tianyuan Medical Health (02373) has seen a stock price increase of over 6%, currently trading at HKD 28.46, with a transaction volume of HKD 9.5031 million, following the release of a positive profit forecast for 2025 [1] Group 1: Financial Projections - The company expects revenue for 2025 to be no less than RMB 3 billion, representing a year-on-year growth of at least 16% [1] - Adjusted net profit is projected to be no less than RMB 380 million, with a year-on-year increase of at least 40% [1] - Net profit is anticipated to be no less than RMB 340 million, reflecting a year-on-year growth of at least 34% [1] Group 2: Business Expansion and Market Position - The board attributes the performance improvement to accelerated external expansion and strong internal growth momentum [1] - The integration of Nairui into the Meili Tianyuan brand matrix has allowed the company to penetrate key cities in the Greater Bay Area, significantly increasing market share [1] - The synergy effects from the acquisition continue to be released, with Nairui's adjusted net profit margin rising from 6.5% before the acquisition to 10.4% [1] Group 3: Operational Efficiency and Profitability - The company is enhancing its medical business capabilities through a unique business model and competitive advantages [1] - The proportion of high-margin medical business revenue is steadily increasing, supported by ongoing improvements in the refined operational system [1] - The company's net profit margin is gradually climbing as a result of these operational enhancements [1]

Core Viewpoint - Meili Tianyuan Medical Health (02373.HK) has released a positive profit forecast for the fiscal year 2025, expecting revenue of at least 3 billion yuan, a growth of no less than 16% compared to 2024, and an adjusted net profit of at least 380 million yuan, representing a year-on-year increase of no less than 40% [1][3]. Group 1: Revenue and Profit Forecast - The company anticipates a revenue of no less than 3 billion yuan for 2025, which is an increase of at least 16% from the previous year [1]. - Adjusted net profit is expected to be no less than 380 million yuan, reflecting a year-on-year growth of at least 40% [1]. - The net profit is projected to be no less than 340 million yuan, indicating a year-on-year increase of at least 34% [1]. Group 2: Factors Influencing Performance - The company attributes its performance to two main factors: external acquisitions and organic business growth [3][4]. - The acquisition of the second-largest brand in the Chinese beauty industry, Nairui'er, has expanded the company's business coverage and improved its adjusted net profit margin from 6.5% to 10.4% in the first half of 2025 [3]. - The company has also completed the acquisition of the third-largest beauty service brand, Siyuanli, further consolidating its position in the industry [3]. Group 3: Business Strategy and Future Outlook - The company is focusing on high-end female consumer groups in major cities, responding to the growing "self-indulgent consumption" demand, which has boosted same-store revenue [4]. - In November 2025, the company announced three strategic directions: "Super Brand," "Super Chain," and "Super Digitalization," aimed at exploring the high-end beauty service sector [5]. - The company plans to continue its dual-driven strategy of "organic growth + external acquisitions" and deepen its "dual beauty + dual healthcare" business model [5].